Breaking: GM Sells Key Saab Assets To Beijing Auto

When Saab's sale to Koenigsegg flamed out in late November, many presumed it was the end of the line for the brand, much as Penske's withdrawal spelled the end for Saturn. It now looks like those pessimists may not have been far from the mark but there is some hope for the brand in the form of China's Beijing Automotive Industry Holding Co. (BAIC).

General Motors is still holding open the possibility that Saab might find another buyer, possibly in the form of Spyker, but if a new one isn't found by December 31, the brand will be wound down just like Saturn and Pontiac. In the mean time, some of Saab's key assets are being sold to BAIC.

BAIC has now acquired the rights and tools for the current 9-3 (pictured) and 9-5 models. The deal also gives BAIC access to certain powertrain technologies for use in its own models.

Saab boss Jan Ake Jonsson said in a statement: “This arrangement is excellent for both parties, now and for the future. We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”

What isn't known is the price BAIC paid for the assets and whether or not it will be able to use the Saab name, be it in China or global markets.